On October 15, 2008, Primus Guaranty, Ltd. issued a press release announcing that Moodys Investors Service
(Moodys) downgraded two asset-backed securities, referenced by credit default swaps (CDS) written by Primus
Financial Products, LLC (Primus Financial) to below Caa2. A downgrade of the underlying security to Caa2, or below,
is considered a credit event. Primus Financial will make a provision for the credit event in the third quarter. The
foregoing description is qualified in its entirety by reference to the Press Release dated October 15, 2008, a copy of
which is attached as Exhibit 99.1 to this Current Report on Form 8-K.

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2

Item 9.01. Financial Statements and Exhibits.

(c)

Exhibits.

Exhibit No.

Description

99.1

Press Release dated October 15, 2008 issued by the Registrant

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3

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.